Do Kwon, the controversial founder of the now-defunct Terra ecosystem, is the subject of an escalated manhunt, with reports indicating that South Korean officials have confirmed they have sent at least two agents to Serbia in an effort to locate him.
Previously, it was reported by Chosun Media, a publication in South Korea, that a state intelligence official informed them that Kwon had established his base of operations in Serbia.
Now, according to Bloomberg, the prosecutor's office in Seoul stated that the rumors "aren't false" regarding members of its team venturing out to the Balkan state in order to find Kwon.
South Korea and Serbia do not currently have an extradition pact that is in force between the two countries.
According to a recent opinion post written by Minso Kim, a journalist for the publication Chosun Media in South Korea, Kwon most likely found Serbia to be an excellent place to hiding because of this.
It would appear that at least two state officials went, one of whom worked in the prosecutor's office, and the other of whom was a senior member of South Korea's Justice Ministry.
However, Kwon has had his passport revoked by South Korea, which may make it more difficult for him to travel in the future.
Since South Korean prosecutors filed an arrest order against Kwon on Sept. 14, he has been suspected of evading capture ever since. Kwon has denied the allegations made against him.
The disgraced entrepreneur, who is now 31 years old, has also been charged of violating regulations governing capital markets.
It is common knowledge that Kwon is a frequent tweeter; yet, he went nearly two months without tweeting or retweeting a single message, which has led some people to wonder what the controversial figure has been up to in that time.
However, Kwon recently gave a response to an accusatory tweet that was directed at him, in which he stated that he has never taken any money and has never participated in any "secret cashouts."
The de-peg of Terra's algorithmic stablecoin, TerraClassicUSD (USTC), was one of the factors that contributed to the collapse of the Terra ecosystem. Terra Classic (LUNC), which was tightly related to the stablecoin, also had a decline that was close to 100%.
It is estimated that the ecosystem has lost value equal to approximately $60 billion.
Kwon has, up until this point, denied any crime.
